7 Replies Latest reply: Aug 19, 2011 2:25 PM by Madhavi Nakka RSS

New Tax Code

Varun Bisaria
Currently Being Moderated

Hello,

 

I have to maintain new tax code i.e. 10.3% service tax & 13.5% VAT.

 

Calculation: For e.g.

Basic Price Rs. 100

Now service tax will calculate on Basic price i.e. Rs. 10.30

and VAT will also calculate on Basic price i.e. Rs. 13.5

Total Value: Rs. 123.80

 

Now please suggest how to maintain new tax code, how to define pricing & which condition will be maintain.

 

 

Thanks & regards

 

Varun Bisaria

  • Re: New Tax Code
    Ashish Andani
    Currently Being Moderated

    hi,.

     

    Pricing Procedure and tax calculation schema is different...

     

    on M/08 u define simple pricing proc..where u can define various cond type...for basic amount, discount, surcharges etc..

     

    and for taxes u have to define Tax calculation schema...

    SPRO...Financial Accounting (New)...Financial Accounting Global Settings (New)..Tax on Sales/Purchases..Check Calculation Procedure...define Procedure..

     

    here u will define ur tax procedures and and take the tax condition type for service tax and VAT..

    after that assign this tax proc to country. in next step..

     

    try this out...

    hope it works..

    Thanks

    • Re: New Tax Code
      Varun Bisaria
      Currently Being Moderated

      Dear,

       

      Reference of the above:

       

      I have to maintain a new tax procedure i.e. Z, if yes then how it will be assign to the tax code.

       

      Thanks & regards

      • Re: New Tax Code
        MM consultant
        Currently Being Moderated

        Hi ,

                  tax code will be assigned to company code & not to tax procedure. Since in TAXINN is condition based, the % of tax for the specified tax condition will automatically flow to the PO through the tax code.

         

        Once you create a new Z tax procedure, just add the tax condition types for service tax & vat  ( JSER & JVRD) in the tax procedure. Then maintain condition records for the same ans system will calculate accordingly based on the % maintained in condition recors in FV11.

  • Re: New Tax Code
    Madhavi Nakka
    Currently Being Moderated

    Hi All,

     

    With reference to the above statement please see to it that the conditions for which you are going to create tax code must and should be existing in the Tax procedure you define in OBYZ tcode.

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